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December 2018 Calgary Real Estate Market Report

The end of the year for the Calgary Real Estate market followed the theme from the rest of the year as Calgary was dogged by higher than average unemployment, strict mortgage lending criteria, increasing interest rates and an oil challenged economy. All of this contributed to an elevated supply in the resale market and price declines. Sales in December totalled 794 units, which is a 21 per cent decline from December 2017 and 20 per cent below long-term averages. Over 4900 units were for sale in December which is 30 per cent above normal levels for the month. The average months supply of homes for sale in 2018 was 5.2 months which also added to a decrease in the in the average benchmark price with a 1.5 per cent decline. The take home message, there is opportunity for buyers with lots of choice and a city wide sale. If you are in the position to make a purchase, now is the time. For sellers, you need an aggressive pricing strategy that is responsive to market conditions, not reactive, and you need a real estate professional that knows negotiation and has a plan and an understanding of the psychology of real estate negotiation. Questions? I am always here to help! Please contact me any time.